Property Solutions Acquisition (NASDAQ:PSAC), the special-purpose acquisition company that is reportedly preparing to merge with electric-vehicle start-up Faraday, were all trading higher on Tuesday after the Biden administration announced measures to boost electric vehicle adoption in the U.S.
Here s where things stood for these three companies stocks as of 1 p.m. EST, relative to their closing prices on Monday:
Hyliion s shares were up about 12%
Property Solutions stock was up about 13.1%
XL Fleet was up about 8.8%
So what
President Joe Biden said on Monday that he plans to replace the U.S. government s fleet of roughly 650,000 vehicles with zero-emissions electric models made in the United States. He also reiterated his plan to build 550,000 new electric-vehicle charging stations over the next few years.
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(Bloomberg) Until June last year, Tesla Inc. was the only dedicated electric carmaker based in the U.S. on the stock market. Then special purpose acquisition companies took over Wall Street.
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SPACs, or blank-check companies, are shell vehicles that raise money to take a private company public via a reverse merger. Unlike traditional initial public offerings, SPAC deals allow listing candidates to market financial projections to investors, a perk for earlier stage companies that have yet to prove their business model.
Electric-vehicle companies, many of which are yet to launch commercial products, have taken advantage of that. Nikola Corp. was the first high profile one to go public via a SPAC listing, followed by others including Lordstown Motors Corp., Fisker Inc. and Canoo Inc.
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Home / Today s Market / Top SPAC Merger News This Week: Bakkt, Lucid Motors, Proterra and 16 More Hot SPACs Top SPAC Merger News This Week: Bakkt, Lucid Motors, Proterra and 16 More Hot SPACs Did you miss the SPAC merger news this week? Here are the top stories you need to know. By Sarah Smith, InvestorPlace Web Content Producer Jan 15, 2021, 5:14 pm EDT January 15, 2021
The week may be winding down, but it seems like SPAC merger news continues to heat up.
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In fact, this week brought major moves in more than nine special purpose acquisition companies. For investors less familiar with this world, SPACs are public companies that merge with private companies. Essentially, SPACs help private businesses avoid the IPO process. Importantly, following the pandemic selloff in March, investors have had a huge appetite for new offerings. That means SPAC mergers have dominated t
Churchill Capital Corp IV has surged 70% in just 4 days amid Lucid Motors merger talks
Churchill Capital Corp IV has surged 70% in just 4 days amid Lucid Motors merger talks
Will DanielJan 14, 2021, 21:00 IST
Lucid Air.Lucid
Churchill Capital Corp IV is continuing its meteoric rise on Thursday, with shares surging roughly 9% before paring some gains.
The SPAC s market cap now pushes $4 billion after shares shot up over 70% in the last four days.
Former Citigroup man
Lucid Motors.
Churchill Capital Corp IV is continuing its meteoric rise on Thursday. Shares have surged over 70% in four days since investors first heard news the special purpose acquisition company may take the EV startup Lucid Motors public.
84 Biggest Movers From Yesterday Benzinga 1/12/2021
Gainers
Zomedica Corp. (NYSE: ZOM) shares surged 92.2% to close at $0.93 on Monday after surging 21% on Friday. The company, last week, appointed Robert Cohen as Chief Executive Officer.
GeoVax Labs, Inc. (NASDAQ: GOVX) shares gained 62.4% to close at $5.36 after the company was awarded NIH grant to advance COVID-19 vaccine development.
Avinger, Inc. (NASDAQ: AVGR) jumped 61.9% to close at $1.45 after climbing around 38% on Friday. The company on Dec. 30 was granted a European patent titled Oct imaging catheter with lag correction.
TransEnterix, Inc. (NYSE: TRXC) rose 43.1% to close at $1.66 after jumping around 29% on Friday. TransEnterix, last week, said it sees preliminary Q4 sales of $1.1 million.